Chicago Condo Building Mulls Second Round of Price Cuts

Crain's Chicago Business reports:

After slashing prices nearly 30% in June, the developer of a big River West condo project is considering another round of cuts in hopes of boosting sales.

The June reductions brought 17 new sales at the 141-unit Mondial, 900 W. Huron St., says Jack Berger, principal at Chicago-based Citta Development LLC. Sales now total 25 units at the project, which was completed in June.

Mr. Berger is considering another round of price cuts to spark interest in the 15-story building, which is west of the East Bank Club and features views of downtown.

“The market is just brutal,” he says.

You'll want to read the article to find out how Fannie and Freddie might get involved.